Miniature Ball Bearing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
Miniature ball bearing, also known as instrument bearing, is a machinery component which helps in eliminating rotational friction by supporting axis loads. It consists of an outer ring, inner ring, shields, snap rings and retainers. A miniature ball bearing has its bearing with outer diameter of 22mm or less. The objective of a miniature ball bearing is to aid in determining the rotational accuracy. Apart from this, miniature ball bearing is used in a variety of applications like electrical, medical devices, automotive, etc. According to the latest report by IMARC Group, titled “Miniature Ball Bearing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global miniature ball bearing market reached a value of US$ 1,446 Million in 2018.
Miniature ball bearings are used in the automotive sector for manufacturing mechanical components like fan motors, wiper motors, throttle bodies, etc. Rising demand for automotive components is, therefore directly proportional to the demand for miniature ball bearings. This acts as one of the primary factors propelling the growth of the miniature ball bearing market. In addition, the market for industrial robotics is encountering a remarkable demand from the automotive, electronics and electrical sector. Moreover, rapid urbanisation and industrialisation, and elevated disposable incomes of the consumers represent other factors facilitating the demand for miniature ball bearings. Looking forward, the market value is projected to reach US$ 2,146 Million by 2024, registering a CAGR of 6.7% during 2019-2024.
Based on type, the market has been segmented as open miniature ball bearings, dust cover miniature ball bearings and others (flanged outer, extended inner). Currently, dust cover miniature ball bearings dominate the market with the largest share.
On the basis of application, automotive represents the largest segment, followed by industrial and aerospace.
Region-wise, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the leading market, accounting for the majority of the global market.
The competitive landscape of the market has also been examined with some of the key players being Minebea, NSK, Kitanihon Seiki, CW, and GRW.
This report provides a deep insight into the global miniature ball bearing market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the miniature ball bearing industry in any manner.
Key Questions Answered in This Report:
How has the global miniature ball bearing market performed so far and how will it perform in the coming years?
What are the key regions in the global miniature ball bearing market?
Which are the popular product types in the global miniature ball bearing market?
What are the key application segments in the global miniature ball bearing market?
What are the various stages in the value chain of the global miniature ball bearing market?
What are the key driving factors and challenges in the global miniature ball bearing market?
What is the structure of the global miniature ball bearing market and who are the key players?
What is the degree of competition in the global miniature ball bearing market?
How is miniature ball bearing manufactured?
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